PHILADELPHIA, Feb. 14, 2018 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV)("Company") today reported the filing with the SEC, of its Quarterly Report (Form 10-Q), for its Second Quarter, ended December 31, 2017, with an official release scheduled for 10AM.
During the three months ended December 31, 2017, the Company reported revenues totaling $105,088, consisting of $59,498 in mining fees and $45,590 in mining equipment sales. The cost of revenues was $46,818, resulting in a gross profit of $58,270 and profit margins of 55%.
"The Company had successfully launched operations and received revenues from sales of mining equipment and from operating two cryptocurrency mining locations in Pennsylvania. As we have entered 2018 with a solid cash position, zero convertible debt, over 500k in mining assets while generating revenues of $105,088, in only 39 days of operations with outstanding margins," commented Steve Rubakh, Chief Executive Officer.
He also added: "Note that included in our net non-cash loss for six months ended December 31, 2017, was a non-cash preferred restricted stock-based executive compensation of $409,000, which resulted in large part from valuation of shares issued at increased stock prices. Excluding this non-cash expense, we would have reported a net income of $164,039, for the three months ended December 31, 2017."
Second Quarter Financial Highlights:
- Achieved gross margin of $58,270 on total revenues of $105,088, or approximately 55%
- Accumulated cryptocurrency assets with market value of $43,786 and cash reserves of $17,730 resulting from sales of mining rigs at December 31, 2017
- Net cash proceeds from the sale of investments of $579,460 for the six months ended December 31, 2017
- Investment in cryptocurrency mining equipment and supporting assets in excess of $310,000
- Increase in total assets from $296,280 at June 30, 2017 to $508,105 at December 31, 2017, or an increase of approximately 71%
- Decrease in total liabilities from $504,210 at June 30, 2017 to $214,946 at December 31, 2017, or a decrease of approximately 57%
- Positive stockholders' equity of $293,159 at December 31, 2017
- Subsequent to December 31, 2017, the Company had retired and highly dilutive warrants, previously issued to convertible debt holders
- Eliminated remainder of the convertible debt through share exchange, using OTTV shares and conversion to the common stock
- Completed an equity based capital raise in the amount of $160,000 by selling a preferred restricted stock
- Received $720,000 in net proceeds from sale of 462,900 restricted common shares of the Company at $1.62 per share and a three-year warrants for the purchase of 347,175 shares of the Company's common stock, at an exercise price of $2.16 per share.
The Company had purchased or assembled in excess of $288,000 of mining rigs and the number of installed miners had reached 125. The total number of connected units is directly related to the availability of electric power, which had reached its maximum utilization capacity at our first two locations. In 2018, the Company had purchased an additional 255 mining rigs and plans to install them in our third mining location.
The previously planned real estate purchase of the third location has been canceled due to the power limitations. The Company is in process of signing a 2 year lease agreement for the facility, equipped with a 4000 amps heavy power service, capable of hosting of up to 1,500+ mining rigs.
About Integrated Ventures Inc: The Company is focused on operating subsidiaries in the digital currency sector. The current crypto portfolio includes: (1) BitcoLab – cryptocurrency mining and investing, (2) Nemesis – manufacturing & sales of mining rigs and equipment, (3) LoanFunder – the financial platform, designed to integrate with a decentralized and encrypted lending ledger, offers a secure, efficient, verifiable and permanent way of storing loan related information and (4) MMC – manufacturing, marketing and operating of mobile mining centers.
For more details, please visit company's newly launched web: www.integratedventuresinc.com.
***About Cryptocurrency Investments & Risks***
Integrated Ventures urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11, (2) NASAA website:http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website:https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scamsto understand the risks involved in cryptocurrency investing.
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.